My 5 Years Time Limit on current L1B will be expired on 10/14/2012 and i will be leaving the Country on 09/26/2012 itself. Can i apply for H1B on 04/01/2013 with the same employer with the effective start date of 10/01/2013?. I assume i will be completing 1 year out of USA in this time period.
will I get full 3 years of H1B or will I be considered only for 1 yr( L1B 5 years + 1 yr for H1B)
Yes you can
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Yes you can. The five years of L will count towards the six years of H1B max time. On occaision, CIS has denied such applications claiming that your year out of the country must be completed at the time you file the application (4/1/2013) rather than the employment start date(10/1/2013). In your case, because you only have the five yeasr towards the max, you could still file it. In the most conservative manner, you could file for the one year as an H1B and then either extend the approval or file an amended petition to show you are eligible for a new six years.
I don't know your situation, but I'm surprised that your employer did not change you to an H1B effective 10/1/2012 or start a green card process for you.